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You're Penalized On Taking Your Own Money Out Early
You Are In Debt - You Need Some Money
You hear it all the time; “Best to max out your 401K”. But why is this best? Your 401K is there for brokers to trade, you have to pay for all those trades, transaction fees, brokers fees, etc, etc. When they buy stocks or sell to contribute to your 401K, the fund or funds, that is in your 401K, you pay for those transaction fees. Many 401K holders never even request to see the transaction statement for the past year, or 6 months.
Some questions people ask is; “Can I use my 401K for downpayment to purchase a home?”